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Territorial Savings Bank takeover vote postponed

A stockholder vote to consider approving the sale of Territorial Bancorp Inc. to California-based Hope Bancorp Inc. has been postponed to Nov. 6 from Oct. 10.

The pushback was announced today by Territorial, owner of Hawaii’s fifth-largest bank, amid efforts by an investment advisory firm to convince Territorial shareholders to reject the Hope purchase in favor of a competing bid from unnamed investors led by former Bank of Hawaii CEO Allan Landon.

Hope has an acquisition agreement, endorsed by Territorial’s board, that would give Territorial shareholders 0.8 share of Hope stock in exchange for each Territorial share they own.

Blue Hill Advisors LLC has offered to pay $12.50 per share of Territorial stock in what it calls a superior bid. Territorial’s board has deemed the Blue Hill offer inferior in part due to a lack of information about the investors and their ability to complete a purchase.

Territorial’s stock jumped 7.3%, or 78 cents, today to close at $11.42.

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